Vice President - Cash Services
Federal Reserve Bank of Boston
CompanyFederal Reserve Bank of BostonVice President - Cash Services
Vice President, Cash Services
ABOUT THE FEDERAL RESERVE BANK OF BOSTON
The Federal Reserve Bank of Boston is one of the 12 Federal Reserve Banks that, together with the Board of Governors in Washington, D.C. make up the Federal Reserve System. We (the “Boston Fed,” the “Bank”) serve as the First Federal Reserve District that includes the six New England States: Connecticut (excluding Fairfield County), Massachusetts, Maine, New Hampshire, Rhode Island, and Vermont.
With the overarching vision of a vibrant economy that works for all, the Boston Fed promotes sound growth and financial stability in our region and the nation and helps to formulate and implement monetary policy. Our contributions to the First District and the nation are founded on high-quality research and bank supervisory activities, excellence in supporting financial services and financial markets stability, leadership in payments innovation, and an active commitment to supporting economic well-being in communities.
The Bank holds several key System roles, including leading the Financial Support Office, which directs financial management for the System, including managing the budget and related technology programs. The Bank develops and leads innovative payments programs. One example is the recently launched FedNow Service® (“FedNow”), a real-time gross payments settlement system. The Bank also played a central leadership role in the Federal Reserve’s crisis responses both during the Great Financial Crisis (2008) and global pandemic (2020). The Bank is a thought leader and innovator in numerous areas, including financial stability, monetary policy and community development.
The Boston Fed employs approximately 1,300 people, based primarily in the First District, with an annual budget in 2023 of $400+million. We are proud of our strong organizational culture, which is built on our four core values: diversity and inclusion, innovation, integrity, and leadership. We build institutional expertise and flexibility by identifying, engaging and developing a highly trained and diverse workforce. Our inclusive environment respects and fully values our employees’ individual strengths, including their different backgrounds, personalities and thought processes.
We are a visible business leader in Greater Boston and throughout the First District, serving as an important business community advisor and nonpartisan convener of ideas in areas of economic and workforce development. Our President and Bank leaders are engaged with numerous organizations that support the First District community, including professional associations and nonprofit and academic boards.
ABOUT THE POSITION
- The FedCash Services Group provides strategic direction to and operational support for the Federal Reserve System Cash offices in each Reserve Bank by formulating policies, operational guidance and technology strategies for U.S. currency and coin services provided by all 12 Federal Reserve Banks. The mission for FedCash® Services is to supply currency and coin to meet both domestic and international demand, maintain the quality and integrity of currency in circulation, and ensure depository institutions have ready access to Cash Services. The primary goal is to maintain confidence in U.S. currency through well-controlled operations with sufficient capacity to meet the needs of the marketplace on a daily basis and in times of stress.
- The Vice President of Boston Cash Services will provide local strategic direction and leadership for the cash operations in the First District in alignment with FedCash Services Group strategic priorities and initiatives The VP will advance the Cash Department’s diverse culture by recruiting, developing, and retaining diverse talent, while fostering strong relationships with the FedCash Services business line across the System.
- The VP of Cash has direct reports that include officer level positions and is responsible for their supervision, direction, training and development. The Cash Department has an operating budget of $9.3 million with total headcount of 50. The Cash Department is comprised of the following units: Currency Verification and Destruction, Administration, Paying and Receiving and Coin.
- All Bank officers are expected to help drive and support the Bank’s mission, strategy and culture through active engagement in key dialogues, demonstrating intentional and inclusive leadership, and volunteering for Bank activities to serve as a role model for our employees and the communities we serve.
The scope of the role includes, but is not limited to:
- Developing strategic and tactical direction and objectives for the Boston Cash office.
- Supporting the Boston Cash SVP/EVP’s ability to contribute to and influence the strategic direction and high priority objectives set by FedCash Services for the System Cash business line.
- Recruiting and developing strong leaders to manage this mission critical business function.
- Developing and overseeing all people management strategies for the department.
- Creating a culture that encourages diverse perspectives and innovative thinking and approaches by individuals and teams.
- Overseeing the design and monitoring of internal controls and security safeguards relating to Cash Operations for the protection of Bank employees and assets to ensure the highest level of public confidence and operational integrity.
- Overseeing the execution of complex business and technology projects directed locally or by FedCash Services.
- Developing and maintaining strong relationships with key stakeholders including supply chain partners, Bank Note Processing vendor, the Board, Treasury, FedCash Services, and internal support departments.
EXPECTATIONS AND REQUIREMENTS
10+ years operations or technical experience; including at least 7 years of people management/leadership; Bachelors Degree required.
- Paint a compelling picture of the vision and strategy that motivates others to action through regular and open communication and transparency.
- Champion an inclusive environment consistent with the Bank’s and the System’s Diversity, Equity, and Inclusion values.
- Lead with a strategic, action-oriented mindset that is focused on current and future performance, accountability, and outcomes.
- Drive results that are beneficial to System and local efforts.
- Hold self and others accountable to meet commitments.
- Be a role model and serve as an active talent champion, coach, mentor, and connector.
- Engage in intellectual curiosity, agility, and experimentation to drive innovation.
- Build trust and serve as a helpful and contributing colleague.
- Embrace and demonstrate a growth mindset including the new principles and practices as the future of work evolves.
- Maneuver comfortably through complex policy, process and people-related organizational and system dynamics.
- Operate effectively, even when things are not certain or the way forward is not clear.
- Eligibility to work in the United States.
- Residency in the First District within commuting distance of the office to manage a team with a required on-site presence. The VP typically works during the day shift in alignment with Bank business hours
- Willingness to travel, both domestically and internationally.
- PHYSICAL REQUIREMENTS - Work is performed in an office environment onsite and requires the ability to operate standard office equipment and keyboards. At times, officers may be required to work evenings and/or over the weekend.
The Bank provides comprehensive and highly competitive benefits.
The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.
All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch lists at least once every five years.
The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities, or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
ETHICS CONSIDERATIONS and PROHIBITED ACTIVITIES
It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve, for the Bank and the System to function properly and maintain high public confidence. It is essential for every employee to perform their duties with honesty, integrity, and impartiality, without improper preferential treatment of any person or organization. Bank employees are subject to federal criminal statutes that prohibit financial conflicts of interest ( e.g., an employee cannot work on any matter in which they or certain employee-affiliated parties have a financial interest). In addition, the Bank’s code of conduct generally prohibits activities such as:
- Outside activities that are inconsistent with the employee’s duties and responsibilities, e.g., holding a position as a director of a publicly traded company
- Certain partisan political activities, such as fundraising or holding partisan elected office
Full Time / Part TimeFull time
Regular / TemporaryRegular
Job Exempt (Yes / No)Yes
Work ShiftFirst (United States of America)
The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.